Our Savers Loan allows Norwich Credit Union members to borrow for provident and productive purposes at a competitive interest rate of 1.5% a month.
Members who have joined and saved for 13 weeks are eligible to apply for our Savers Loan. A member's first loan is generally restricted to twice the amount of their shares; however, once the first loan has been successfully repaid, that restriction increases to three times the value of their shares. We do grant loans outside of this policy but the applicant may be asked to attend an interview, provide additional information and/or find a guarantor and the application may be referred to the Board of Directors for approval.
So whether it's for a holiday, car purchase/maintenance, appliance, household expenses, school uniform, Christmas costs or another purpose, our Savers Loan could be just the thing you need.
As well as a competitive interest rate, our loans come with free loan protection insurance (subject to terms and conditions) and there are no loan set-up fees or penalties and no early repayment charges.
Savers Loan main points
| Lender | Repayment | APR | Interest Payable | Total Repayble | Free insurance |
|---|---|---|---|---|---|
| Norwich Credit Union | £45.84 monthly | 19.8% | £50.08 | £550.08 | |
| Aspire Money | £51.53 monthly | 49.9% | £118.36 | £618.36 | |
| Provident Loans | £78.00 monthly | 299.3% | £436.00 | £936.00 |
For full terms and conditions please read our Policy Manual
Late repayment may lead to money problems. For help and advice go to The Money Advice Service.